Treasury yields drift lower to start the week

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U.S. Treasury yields drifted lower on Monday morning, with little economic data due out at the start of the week.

The yield on the benchmark 10-year Treasury note fell to 1.617% at 3:50 a.m. ET. The yield on the 30-year Treasury bond dipped to 2.315%. Yields move inversely to prices.

The April Chicago Fed National Activity index, which tracks overall economic activity and related inflationary pressures, is due out at 8:30 a.m. ET.

Federal Reserve Governor Lael Brainard is set to make a speech on digital currencies at the Consensus by CoinDesk cryptocurrency and blockchain conference at 9 a.m. ET.

However, investor focus this week will be on the April personal consumption expenditure index, as a measure of inflation, which is due out Friday. Rising inflation has been a concern for markets, with fears that it might force the Fed to tighten its easy monetary policy.

Auctions are due to be held Monday for $57 billion of 13-week bills and $54 billion of 26-week bills.

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